Klaviyo is ‘leading the marketing modernization wave,’ analyst says, amid spam and online privacy concerns
We all get advertisements that we don’t want via email and text — many of them from the digital-marketing platforms businesses use to promote themselves online. But Wall Street analysts on Monday said one such platform, Klaviyo Inc., can rise above the spam.
“Klaviyo has established a dominant position as the leading marketing platform in its core segments — and mid market businesses in the retail/e-commerce vertical,” they said. But many businesses have remained conservative on their tech and digital-ad spending as they wait for clearer signals about the economy. They also face concerns from customers and regulators about privacy, as well as irritation with spam. The company has some big rivals — like MailChimp, Braze Inc. BRZE, +1.73%, Adobe Inc. ADBE, +0.86% and Salesforce Inc. CRM, +2.24% — and some analysts have said Klaviyo’s multiyear partnership with Shopify Inc. SHOP, +3.
They said consulting company Gartner estimated that businesses currently spend $25 billion on marketing software and $13 billion for multichannel marketing, and that the company had more to offer than other software-as-a-service platforms broadly.
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